Post #1375500

2026-04-04 09:56 UTC

@lolicon @Hkaizen @Undercity4 I don't even know what that means. I've tried to research about Crypto-currency / Bitcoins / but I guess I'm just a big old dummy and it's all so darn confusing to me and I still don't quite understand it. So one doesn't actually get it in cash to their pocket or money into their bank account, but rather it's a currency to be used for online transactions only? I don't know. Until it's made easier to understand and use, I think it's just beyond my comprehension.

Replies (1)

@lolicon@detroitriotcity.com 2026-04-04 10:03

@Mystix @Hkaizen @Undercity4 You're not a dummy, it just works differently than other monetary systems. Instead of a bank having a ledger of your past transfers (and thus your account balance), a cryptocurrency uses a distributed ledger. It's a big peer-to-peer network that keeps one giant ledger intact and correct. When you "send" crypto to someone else, you're just pushing a new entry to the big ledger. New "coins" are created by users who run mining software, which requires a lot of energy and specialized hardware. (This last part is not true for Monero however.) Wallet software is just software to interact with the ledger. A bank or other intermediary is not needed at all. Because the network is entirely peer-to-peer, you don't need permission from anyone to receive and spend cryptocurrency.

Open ##1375502